1.5 MILLION MORE AMERICANS LOSE THEIR JOBS. CORONAVIRUS CASES KEEP ON SPIKING IN A DOZEN STATES PUTTING PRESSURE ON ECONOMIES AS TO HOW FAST THEY SHOULD OPEN UP. FTSE 100 -0.47%, German DAX -0.81%, CAC 40 -0.71, STOXX Europe 600 -0.7%. The 10-year Gilt was up 3.6 bps.
European Bond Research – June 18, 2020Posted on June 18, 2020
EUROPEAN BOND RESEARCH
June 18, 2020
|Industry Returns Tracker|
|New Issues||New Issues [Continued]|
|1. BNP Paribas (USD) 0% 7/1/2050 (06/17/2020): 50MM Senior Non Preferred Notes, Price at Issuance 100.
2. Sparebank 1 Sr BK (NOK) FLT% 6/23/2025 (06/17/2020): 500MM Senior Unsecured Notes.
3. Barclays Bank PLC (USD) 2.645% 6/24/2031 (06/17/2020): 1000MM Senior Unsecured Notes, Price at Issuance 100, Yielding 2.65%.
4. Schlumberger Investment (USD) 2.65% 6/26/2030 (06/17/2020): 900MM Senior Unsecured Notes, Price at Issuance 99.608, Yielding 2.69%.
5. Virgin Media Secured Finance PLC (USD) 4.5% 8/15/2030 144A (06/17/2020): 650MM Secured Notes, Price at Issuance 100, Yielding 4.5%.
6. Virgin Media Secured Finance PLC (USD) 4.5% 8/15/2030 Reg S (06/17/2020): 650MM Secured Notes, Price at Issuance 100, Yielding 4.5%.
7. Cooperatieve Rabobank U.A. (USD) 1.339% 6/24/2026 144A (06/17/2020): 1000MM Senior Non Preferred Notes, Price at Issuance 100, Yielding 1.34%.
8. Cooperatieve Rabobank U.A. (USD) VAR% 6/24/2026 Reg S (06/17/2020): 1000MM Senior Non Preferred Notes, Price at Issuance 100.
9. Koninklijke DSM NV (EUR) 0.25% 6/23/2028 (06/17/2020): 500MM Senior Unsecured Notes.
10. Koninklijke DSM NV (EUR) 0.625% 6/23/2032 (06/17/2020): 500MM Senior Unsecured Notes.
OVERALL EUROPEAN CREDIT MARKET:
The euro-zone economy shows signs of negative momentum, weakening credit rating quality, and uncertainty regarding the outcome of Brexit. Closely watched indicators and rates:
- Eurostat’s unemployment rate: EXPECTED TO SOAR.
- Eurostat’s quarterly GDP: EXPECTED TO CONTRACT.
- 6-month Euribor: current value –0.216%, as of 06/17/2020.
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